Historic Denver Dry Goods Building Converting to Apartments

Historic Denver Dry Goods Building Converting to Apartments
News| August 5, 2025| Mike Boyd
Phoenix & Southwest + Apartment Buildings

Jonathan Rose Companies is redeveloping the historic Denver Dry Goods Building. The project will rehabilitate 51 existing affordable units and convert vacant commercial space into 55 new affordable units while modernizing the property’s infrastructure. Built in 1888, the Denver Dry Goods Building was once the largest department store in the region.

The 106-unit affordable housing project, known as the Denver Dry Adaptive Reuse, will serve residents earning between 30% and 80% of Area Median Income (AMI). The firm is investing in a series of upgrades.

A broad coalition of public, private and nonprofit partners, such as the Community Opportunity Fund (COF) and The Richman Group, is supporting the $67 million Denver Dry Adaptive Reuse Project. The Colorado Housing and Finance Authority (CHFA) is providing a 4% and State Low Income Housing Tax Credit allocation, as well as construction and permanent loan financing. 

The project is expected to break ground in late summer 2025, with project completion slated for early 2027. OZ Architecture designed the project.

Other News

One Beverly Hills Reaches Milestones Ahead of Schedule

California & West + Apartment Buildings

The development team behind One Beverly Hills (1BH) said construction on the $10-billion luxury mixed-use project is proceeding ahead of schedule. The Beverly Hilton expansion structure topped out approximately 10 weeks ahead of schedule and one of the residential towers is progressing six weeks ahead. “This was accomplished while significant operations were maintained at The...

Learn more

Metro Loft, David Werner Secure $231M Loan for Midtown East Residential Conversion

New York & Tri-State + Apartment Buildings

Northwind Group has originated a $231-million first mortgage construction loan for 675 Third Ave., a 32-story, 337,000-square-foot office building in Manhattan’s Midtown East neighborhood that is slated for conversion into residential apartments. The conversion is being led by a joint venture between Nathan Berman’s Metro Loft Management and David Werner Real Estate Investments. Loan proceeds...

Learn more

Rental Affordability Declines in Most Metros, but Improved Housing Quality is a Factor

Apartment Buildings

Rental housing affordability declined in 82% of U.S. metropolitan areas between 2014 and 2023, with renters experiencing the equivalent of an average $256 annual reduction in income after accounting for changes in housing quality. That’s according to a new report released Tuesday by the Mortgage Bankers Association’s Research Institute for Housing America. The report, Housing...

Learn more
New call-to-action

Brokers

View All

Lenders

View All

Management

View All
Login
or
Sign up